Top Companies in Bio-Composites Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Bio-Composites Market is projected to reach USD 57.5 billion by 2028 at a CAGR of 15.5% over the forecast period.
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The Global Bio-Composites Market is valued at USD 24.2 billion in 2021 and is projected to reach USD 57.5 billion by 2028 at a CAGR of 15.5% over the forecast period. The manufacturing industry's increased desire for long-lasting and environmentally friendly materials is predicted to drive strong growth for the Bio-Composites Market over the forecast period. Compared to glass fiber, Bio-Composites are becoming more and more popular because of the numerous health risks linked with their use. Plastic composites also have many other drawbacks, which is why the demand for Bio-Composites has recently increased. Due to increased public awareness of the negative impacts of using toxic composites and the tightening of environmental regulations, demand for sustainable materials has increased and will continue to do so in the future.
The Bio-Composite industry has had constant growth due to stability in well-established sectors like construction and automotive. The market presence in the aforementioned sectors also increased due to the introduction of new firms that provided opportunities for innovative applications.
Increasing demand from numerous end-use industries and sizeable investments in R&D activities are two major drivers boosting market revenue growth. Other significant drivers of the market's revenue growth are the accelerated development of industrial technologies and the growing use of Bio-Composites in non-structural and non-load bearing applications.
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Amidst Exponential Growth in Bio-Composites Adoption, What Trends Should We Look Forward to?
- The demand for lightweight materials is one trend that the Bio-Composites sector anticipates. The increasing need for lightweight materials in the building, aerospace, and automotive industries has led to the development of Bio-Composites. Several industry participants have consistently reinvented bio-based composites to address the demands for lightweight materials.
- The usage of Bio-Composites more commonly in the packaging business is another trend that the industry predicts will last. The packaging business has developed as a result of tremendous innovation, which has made it possible to find new solutions that will improve the efficiency, viability, and durability of food packaging systems. The components used in food packaging have the potential to harm the environment.
- The market share for bio-composites is growing due to the many sectors' constantly expanding need for ecologically friendly materials, like wood. The need for sustainable materials has increased as a result of rising pollution from the usage and manufacture of petroleum-based materials as well as new environmental rules that favour items made from fossil fuels.
- Due to the eco-friendliness of these materials, the demand for Bio-Composites has expanded across a variety of end user applications. Bio-Composites have recently supplanted plastic composites and glass fibre as the two materials that pose the most serious problems.
The Bio-Composites Market is dominated by globally established players such as UPM (Finland), Trex Company (US), Universal Forest Products, Inc. (US), Fiberon LLC (US) and FlexForm Technologies (US). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Bio-Composites Market.
Let's Look at the Top 5 Companies That are Taking the Bio-Composites Market by Storm
The Bio-Composites Market is expected to grow from USD 24.2 billion in 2021 to USD 57.5 billion in 2028 due to an increase in demand for strong and environmentally friendly materials in the manufacturing sector in recent years. Another important element boosting the market's growth during the projection period is the main players' implementation of various strategies to increase their strong presence in the Bio-Composites sector.
- UPM (Finland)
UPM provides a huge selection of reliable and secure goods for everyday usage. Products like Bio-Composites are recyclable and made of renewable and biodegradable ingredients.
- Trex Company (US)
Trex Company, Inc is the manufacturer of composite decking, railing, and other outdoor products created from recycled materials. The world's largest wood-alternative decking and railing producer is Trex, which has its headquarters in Winchester, Virginia. 95% of the materials used to make Trex composite products are recycled.
- Universal Forest Products Inc (US)
It was established in 1955, and the main office is in Grand Rapids, Michigan. Tens of thousands of items, including Bio-Composites, are supplied through our 220 associated enterprises to the retail, construction, and industrial industries. Over 15,000 skilled and motivated individuals from all over the world run and manage our businesses.
- Fiberon LLC (US)
Fiberon LLC produces products made from Bio-Composite decking. The company offers products for decking, railing, and terrace fastening. Fiberon provides services all around the world.
- FlexForm Technologies (US)
In 1999, FlexForm Technologies opened a 55,000-square-foot facility in Elkhart, Indiana, and started conducting business there. Non-woven, biocomposite mats and panels made of natural fibers by FlexForm Technologies are robust, lightweight, moldable, and entirely recyclable.
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